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lopez sales company had the following balances in its accounts on january 1, year 2: cash $ 60,000 merchandise inventory 40,000 land 100,000 common stock 80,000 retained earnings 120,000 lopez experienced the following events during year 2: sold merchandise inventory that cost $32,000 for $68,000. sold land that cost $40,000 for $75,000. required determine the amount of gross margin recognized by lopez. determine the amount of the gain on the sale of land recognized by lopez.
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